Russian State-backed Enterprise Will Build a Mining Farm for 30,000 Machines

Key Points:A government-affiliated corporation is helping to build a new crypto mining plant in the Russian Republic of Buryatia.
Buryatia is a Russian republic located in south-central Siberia. This facility will be used for digital currency minting.
On February 11, the Republic of Buryatia, one of the Russian Federation’s autonomous republics, began construction of a new bitcoin mining facility with the backing of the Russian Far East and Arctic Development Corporation (KRDV), which is controlled by the Russian government.Bitriver-B, a subsidiary of Bitriver, Russia’s largest mining company, is already building infrastructure for the mega-project. The Russian Ministry for the Development of the Far East, Arctic and the President’s Plenipotentiary Rep in the Far Eastern Federal District manage the business news portal RBC and KRDV. Its primary mission it to support investment initiatives in Russia’s Far East, Arctic. These include 0% taxes on land, property, 7.6% insurance premiums and a lower income rate,” stated Dmitry Khameruev director of KRDV Buryatia. According to the executive, the bitcoin farm will also pay power at nearly half the current rate. This announcement comes after research showed that Russia’s industrial mining farms have a total power capacity of 500 megawatts. Despite the collapse of the cryptocurrency market last year and the negative impact of sanctions on Russia’s mining capacity as a result of the sanctions imposed for the invasion in Ukraine, this is still the case. According to a press release the project cost approximately 900 million rubles (more that $12.3 million). According to a press release, the complex will include 30,000 mining equipment and is expected to open in 2023. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: BlockchaincryptomarketminingRussian